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Foreign Trade Financing Services

 
Bills Discounting
 

Accepted Bills of Exchange can be discounted at the prevailing rate of interest.

 
Bills for Collection
 

The Bills for Collection service allows a seller in one country to obtain payment for goods sold from a buyer in another country. Collections can be divided into two categories namely:

  • Outward Collection: the Bank undertakes to obtain payment of a cheque, bill of exchange, draft or promissory note from a buyer overseas on behalf of the seller.
  • Inward Collection: the Bank assists the bank abroad to obtain payment from a buyer on behalf of a foreign supplier

All Bills for Collection will be executed in accordance with the current edition of the International Chamber of Commerce Uniform Rules for Collection (ICC 525) and the responsibilities are binding on the banks involved.

 
Pre and Post Shipment Export Financing
 

Letters of Credit can be discounted or pre-export financing obtained to facilitate improved cash flow. All advances will be repaid with proceeds from the Letter of Credit.

 
Letters of credit
 

The Documentary Letter of Credit provides a method of payment in International Trade which assures or guarantees the seller of prompt risk free payment provided certain stipulated terms and conditions are complied with.

All documentary credits will be issued or advised by us subject to and in accordance with the current edition of the International Chamber of Commerce Uniform Customs and Practice for Documentary Credits (UCP 500).

Benefits derived from this arrangement are:

  1. Small or no risk of non-payment provided terms and conditions of the letter of credit are complied with.
  2. Several banks guarantee payment by having the letter of credit confirmed.
  3. The buyer can have the goods inspected prior to shipment to certify quantity, quality and condition of goods in accordance with the terms and conditions of the letter.

 


High & Young Streets, Kingston, Georgetown, Guyana, South America tel.+592 231 4400-8 . fax. +592 231-4411 . SWIFT: GUTIGYGE
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